Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP and one of the country’s most recognized crypto figures reversed a strongly bearish stance on the market.

He now plans to move his remaining capital into Ethereum, betting that ETH will outperform Bitcoin this cycle.

How Jiang’s Bearish Bet Backfired

Jiang previously sold ETH holdings between $1,738 and $1,931 and opened short positions to hedge against further downside. When Ethereum surged past $2,000 and kept climbing, those shorts lost money.

He closed the positions and repurchased ETH near $2,100, later selling roughly half his spot holdings near $2,525 while attempting to catch a short-term top with a tight stop-loss.

Jiang said he is now roughly 90% confident the crypto bear market has ended, calling his earlier bearish call far off the mark.

His plan is conditional. If Bitcoin retraces to the $67,000- $72,000 range, he will allocate all remaining funds to Ethereum. Should that pullback not happen, he intends to buy ETH at market prices no later than the end of October.

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He currently holds 20% to 30% of his intended capital in USDT reserves, waiting for the right entry point to redeploy the rest.

Why Jiang Now Believes the Bear Market Has Ended

His thesis centers on the ETH/BTC pair’s relative strength, which he argues reflects genuine demand rather than simple rotation out of Bitcoin.

Jiang points to growing US government support for blockchain under the Trump administration and accelerating tokenization of stocks and bonds as catalysts favoring smart-contract platforms like Ethereum.

“…This round, ETH is expected to outperform BTC. For example, if BTC reaches 200,000 USDT, and the ETH/BTC exchange rate is 0.1, ETH will reach 20,000 USDT. (These are just rough estimates, not actually calculated.)…,” Jiang said on X.

BitMine’s Tom Lee has voiced a similar view, citing the ETH/BTC ratio breaking above a multi-year downtrend, alongside tokenization tailwinds and rising demand from agentic AI applications running on Ethereum’s network.

As of August 23, Bitcoin trades near $77,050, up roughly 22% for the week from levels near $63,000, according to BeInCrypto data. Ethereum has moved even faster, climbing approximately 30% over the same period, from near $1,880 to around $2,420.

That outperformance aligns with both Jiang’s and Lee’s renewed conviction, even as Jiang continues to engage in active short-term trading around his broader bullish stance.

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Source: BeInCrypto